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Dec 30, 2012
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the tax policy center has a tax calculator. so it allows you to estimate how your family could be affected. josh levs is here in atlanta breaking down the different scenarios. the only thing you can't say is i'm going to start a drinking game. don't say kick the can down the road. jifs not going to use that phrase. i have been covering this at cnn.com and doing everything i can to avoid saying things like that. the figure a lot of people know if you know any figure is $2,000 because president obama says it a lot. the average family will end up spending $2,000 more if the fiscal cliff is not averted. let me show you something. you can find out how it would impact you directly by using this. there's a lot of numbers you have to plug in to make sense of it. obviously it can't be exact, it can't be precise, it can't predict the future, but i want to show you some examples we have pulled out. let's go to the graphic here that has a few of the examples we're showing you here. it would take, for example, this scenario, married with no
the tax policy center has a tax calculator. so it allows you to estimate how your family could be affected. josh levs is here in atlanta breaking down the different scenarios. the only thing you can't say is i'm going to start a drinking game. don't say kick the can down the road. jifs not going to use that phrase. i have been covering this at cnn.com and doing everything i can to avoid saying things like that. the figure a lot of people know if you know any figure is $2,000 because president...
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Dec 30, 2012
12/12
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the payroll tax holiday. maybe you don't give the whole amount, just part of it. it adds up to $200 billion so the economy continues to grow. then the debt reduction is raised by february. >> mr. davis. he started his comment about solving this saying you have to take the politics out of it. it's not possible at this point. even though the deal, everything you heard from him, you may have agreed with and go along with it. how are you going to take the politics out of it with the clock ticking? >> if you don't get an agreement, it's going to hurt both parties. somebody may have the advantage today and tomorrow in the news headlines, if this doesn't happen, it hurts the president's legacy, it hardens the lines between them. this is not, as joe said, complicated to solve over the short term. long term, a little more complicated. if they can't get through this, it makes it much more difficult over the long term. >> to both of you here, you heard something the president said. david gregory pushed back on the presi
the payroll tax holiday. maybe you don't give the whole amount, just part of it. it adds up to $200 billion so the economy continues to grow. then the debt reduction is raised by february. >> mr. davis. he started his comment about solving this saying you have to take the politics out of it. it's not possible at this point. even though the deal, everything you heard from him, you may have agreed with and go along with it. how are you going to take the politics out of it with the clock...
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Dec 23, 2012
12/12
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hasn't paid any taxes for ten years. let me him that he has paid taxes, because he hasn't. >> now reid said he got his information from a former bane investor. without any further explanation, he was awarded the maximum number of pinocchios. also u.n. ambassador susan rice has come to terms with the circumstances that led her to take her own name of of the running for secretary of state. her opening line, quite, my talking points for this evening have been provided to me and fully cleared by the intelligence community. how could this possibly go wrong? believe it or not, things took a turn for the palin later on in her speech. quote, day after day, i engage in highly substantive, highly technical negotiations with my colleagues here at the u.n. like the russians. as a matter of fact, i can see the russian mission from my house. >>> finally, did you think the holidays would come and go without seeing president obama singing "deck the halls." not so. he is back in the game. ♪ deck the halls with bows of holly ♪ ♪ fa-
hasn't paid any taxes for ten years. let me him that he has paid taxes, because he hasn't. >> now reid said he got his information from a former bane investor. without any further explanation, he was awarded the maximum number of pinocchios. also u.n. ambassador susan rice has come to terms with the circumstances that led her to take her own name of of the running for secretary of state. her opening line, quite, my talking points for this evening have been provided to me and fully cleared...
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Dec 30, 2012
12/12
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details on a brand-new sales tax. and senator libbedy graham has been an outspoken critic of president barack obama for years. but what is he saying today? >> if the president doesn't deal with this, he is a lousy commander in chief. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> you are not only going to cut your way to prosperity. >> we have not seen the leade
details on a brand-new sales tax. and senator libbedy graham has been an outspoken critic of president barack obama for years. but what is he saying today? >> if the president doesn't deal with this, he is a lousy commander in chief. [ male announcer ] how do you measure happiness? by the armful? by the barrelful? the carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. time for...
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Dec 22, 2012
12/12
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let's listen to him first. >> i disagree with john boehner caving on taxes. and we'll give you $1 trillion in tax revenue and we'll raise it for a year and take a lever on the hand of the republicans and he did that without the support of the conference, as we found out. >> i'm interested in terms of what you're hearing the number of votes he came up short. he came up short 21 in a bill related to softening the sequester that was done right before the plan b vote when the plan b vote was supposed to happen here. >> the numbers i've heard has been about 24. >> 24. >> already he could lose about 20 people going into that vote given the republican, the majority and the size of that, but you end up mentioning congressman huelskamp. he tried to punish members like tim huelskamp and one skill that a sometimes a speaker has and we saw this with nancy pelosi and we saw this in 2009 and 2010 is actually fear. they don't fear congressman boehner. they don't fear him at all if they go break their own way and that is one of the reasons why you end up having people who se
let's listen to him first. >> i disagree with john boehner caving on taxes. and we'll give you $1 trillion in tax revenue and we'll raise it for a year and take a lever on the hand of the republicans and he did that without the support of the conference, as we found out. >> i'm interested in terms of what you're hearing the number of votes he came up short. he came up short 21 in a bill related to softening the sequester that was done right before the plan b vote when the plan b...
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Dec 29, 2012
12/12
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my taxes went up. fiscal cliff could cause some people's taxes to go up enough. adam: they tight enup spending. >> tight enup spending. lenders do the same thing on the backside. i don't know if you will have your job. i don't know if the credit rating will hold back letting money go. adam: what you described this is a great lesson in federal reserve speak. this is negative feedback loop. everyone tightening out of fear. let's take it a step further. we don't know what the tax situation will be and lay in tax returns, people use that for down payment when would they get that to put a down payment on a car, right. >> people think i don't have the money. maybe i don't want to maintain my existing car. we hope that is the case. nine out of 10 cars have something wrong with them on the road. if you don't do the basic maintenance that may be only way to keep your job to get your family to where they want to go. that is all dollars and cents. adam: in new york, nine out of tense cars the big problem is the driver in the other car. >> that is all across the country. ada
my taxes went up. fiscal cliff could cause some people's taxes to go up enough. adam: they tight enup spending. >> tight enup spending. lenders do the same thing on the backside. i don't know if you will have your job. i don't know if the credit rating will hold back letting money go. adam: what you described this is a great lesson in federal reserve speak. this is negative feedback loop. everyone tightening out of fear. let's take it a step further. we don't know what the tax situation...
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Dec 22, 2012
12/12
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taxes shurnt go up. if they were to go up by law, conceivably they could come back in january and lower them and campaign on the fact that they lowers taxed. >> let's take a look at what speaker boehner said on friday. >> many of us believe on both sides of the aisle, the fundamental reform of our taxes will help get our economy moving faster and get more americans back to work. how we get there, god only knows. >> so the president says he's going to head back to washington after christmas to try and hammer out a deal before new year's. babe boehner said god only knows, god and ed o'keefe. how do they get there? >> for practical reasons there, are bills sitting in either chamber right now that the other chamber has passed, the house is telling the senate, pass our bill. the senate is telling the house pass our bill. either of those bills could be amended and sent back across the capitol, and make some changes, and send it back for final passage and sent send it to the president. can you get that done in
taxes shurnt go up. if they were to go up by law, conceivably they could come back in january and lower them and campaign on the fact that they lowers taxed. >> let's take a look at what speaker boehner said on friday. >> many of us believe on both sides of the aisle, the fundamental reform of our taxes will help get our economy moving faster and get more americans back to work. how we get there, god only knows. >> so the president says he's going to head back to washington...
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Dec 29, 2012
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>> well, the thing that will get them piqued is that tax rates. obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be seen, and the estate tax is a big sticking point, because obama wants to see it go up, and the senate republicans will insist that it stay at the current rate. >> thank you, robert costa and sam stein. we will be back in a moment. this is "hardball," the place for politics. >>> welcome back to hardball. what will a deal look like if there is one? and who is going to wind up giving up more on the tax cuts for wealthy americans? harry reid insists $250,000 is a threshold, but it may not hold. joining me now is josh green of bloomberg business week. josh, for the marke
>> well, the thing that will get them piqued is that tax rates. obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be...
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Dec 28, 2012
12/12
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tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are two bills the house passed that are sitting in the senate. >> we ought to go over the fiscal cliff. i think we shouldn't make a deal where we're not -- we shouldn't raise taxes. we need entitlement reform, then we can talk. if there's no real entitlement reform, there's nothing we can do. democrats spend, spend, spend. now they have the bill, the fiscal cliff and they don't like the result. what are they going to do? it's time you actually put a stop -- >> we're going to have to leave it there. thank you very much. >> thank you. >> a case of extreme helicopter parents sued by their daughter for stalkin
tell john boehner not to raise taxes. he'll raise them on all of us. the congress is on taxes. everything -- we shouldn't be debating this. congress should because tax bills, as you know, have to start, the constitution says, in the house of representatives. the fact that the white house is negotiating with the senate is a little bit surreal and ridiculous. >> hold on a second, mark. >> michelle, mark is right, it has to start in the house with spending or tax bills but there are...
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Dec 30, 2012
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and they are taxed again at the individual level. with the dividend and capital gains taxes. george bush, to his credit, tried to do something about that and he chopped the dividend and capital gains tax down to 15%. the effect of that was to reduce the incentive for corporations to take on too much debt. if you tax equity too much, corporations take on too much debt. then it's more likely that they become bankrupt and to destabilize the whole system. gerri: you talk little bit about competitiveness. let's detail that. low capital gains is important to our nation's competitiveness. but also, to the competitiveness of these companies that we are talking about. >> absolutely. let's say that you are a young indian or chinese entrepreneur with a science degree or engineering degree and you gradua from mit. you want to start a high-tech company. would you started in the united states, where you're getting from your company years down the road will be taxed at 30%, or would you started in china or india where the capital gains tax rate is zero? many of our major partners have zero
and they are taxed again at the individual level. with the dividend and capital gains taxes. george bush, to his credit, tried to do something about that and he chopped the dividend and capital gains tax down to 15%. the effect of that was to reduce the incentive for corporations to take on too much debt. if you tax equity too much, corporations take on too much debt. then it's more likely that they become bankrupt and to destabilize the whole system. gerri: you talk little bit about...
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Dec 28, 2012
12/12
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and that is only one, that is one of the things. >> and some of the tax rates, the top tax rate is would go scheduled to go from 35 to 39.6% and what can folks do to insulate themes? there ways to move parts around if they're going to get hit with a higher tax bracket? >> in previous years, we talked about the tax loss harvesting. this year, it's important to harvest games i mentioned earlier. with that ordinary tax rate increasing like that, a lot of investors love dividend yield paying stock and this year in 2012, those dividend-paying stocks, the investor was paying taxes at the rate of 15% and that is going to increase to 39.6% and if they're subject to the surtax, they're paying 3 times as much taxes on that dividend. >> and with three days left, there is a lot of stuff for folks to go over before the deadline. gordon, we appreciate you joining us tonight. >> thank you, tom. >>> we have a winter weather advisory and that is looking identical and not for the city right now of d.c. and not for fairfax county. minutegomery county, rockville, frederick county and some communities around
and that is only one, that is one of the things. >> and some of the tax rates, the top tax rate is would go scheduled to go from 35 to 39.6% and what can folks do to insulate themes? there ways to move parts around if they're going to get hit with a higher tax bracket? >> in previous years, we talked about the tax loss harvesting. this year, it's important to harvest games i mentioned earlier. with that ordinary tax rate increasing like that, a lot of investors love dividend yield...
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Dec 30, 2012
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we are talking about every american's tax rates who pays taxes, talking about the extension of unemployment, the estate tax this has more elements in it than most things do i think at the end of the day, you know, in the senate now, i think the senate will come to some sort of arrangement, they will push it over here and then i think the house will be the decisive arena, a lot will depend, obviously, on what the senate agrees to >> isn't that the question what will happen in the house? i don't think we have a concern, maybe i shouldn't stay quite that way, the house seems to be the clear focus on whether or not republicans can muster the votes needed. what is going to happen? >> a lot depends on the nature of the agree weren't, remember on the speakers a plan b, he had over 200 republican votes are, it is not as if he doesn't have an awfully strong hand to play. if it's a deal that john boehner can accept, then frankly, i think it will be passed in a bipartisan manner with a very strong majority. if, on the other hand, he is either neutral or not favorable, then his chances are going to be
we are talking about every american's tax rates who pays taxes, talking about the extension of unemployment, the estate tax this has more elements in it than most things do i think at the end of the day, you know, in the senate now, i think the senate will come to some sort of arrangement, they will push it over here and then i think the house will be the decisive arena, a lot will depend, obviously, on what the senate agrees to >> isn't that the question what will happen in the house? i...
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Dec 30, 2012
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because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the subchapter s corporation. i think it would have a very significant effect. the other effect it has is that we're not cutting spending because we're spending too much money. and that sends a very bad signal. if we're not going to do entitlement reform, because every time we talk about it obama says let's raise taxes instead. we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his j
because you have to add both the obama care tax that's coming and the tax, the disappearing bush tax increase and this hits primarily as you know, small business owners and people who file subchapter s corporations. >> that's not who is primarily hits, it hits some of those people. >> over half of all the small business income that ends up paying this higher rate, if you do it. and the last time we did this, more than two-thirds of the people who got hit, were actually the...
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Dec 29, 2012
12/12
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our guest is joseph rosenberg with the tax policy center, followed by a discussion on
our guest is joseph rosenberg with the tax policy center, followed by a discussion on
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Dec 22, 2012
12/12
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trying to address the tax issue, i thought, was important to do it now, so that we do not have taxes go up on every american and hurt our economy. >> [inaudible] >> listen, there was a perception created that that vote last night was going to increase taxes. i disagree with that characterization of the bill, but that impression was out there. we had a number of our members who just really did not want to be perceived as having raised taxes. that was the real issue. one of my colleagues the other night had an analogy of 100 people drowning in a pool, and that he was a lifeguard. because he could not save any of them, does that mean that he should not have done anything? his point was, if i can go in there and save 99 people that are drowning, that is what i should do as a lifeguard. but the perception was out there and a lot of our members did not want to deal with it. >> [inaudible] are you willing to pass a bill [inaudible] >> we have passed a bill and is sitting in the senate. we passed a bill to deal with the sequester. what we were trying to do this week was to basically jumpstar
trying to address the tax issue, i thought, was important to do it now, so that we do not have taxes go up on every american and hurt our economy. >> [inaudible] >> listen, there was a perception created that that vote last night was going to increase taxes. i disagree with that characterization of the bill, but that impression was out there. we had a number of our members who just really did not want to be perceived as having raised taxes. that was the real issue. one of my...
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, tax reform and tax incentives for charitable giving. back to the phones. jack in michigan, on our line for independence. go ahead, jack. caller: i want to ask mr. rosenberg if he has ever heard of lincoln electric in cleveland, ohio. host: and why did he wanted to know that? caller: well, they wrote a book, james f. lincoln wrote a book, a new approach to industrial economics where they have no unions. everybody is responsible for their own work. they do peace work. everybody's responsible. everybody has a lifetime job. they get huge pieces of the pie. and ownership is -- the people, the workers, everybody owns the piece of the pie. host: what does this have to do with the fiscal cliff? caller: well, if more -- if more people -- if more industries would go to that, they wouldn't fall off the cliff. everybody would go to work. host: mr. rosenberg? guest: so i haven't heard of that but it sounds like a great place to be and live. i would have to get the name of that again. host: next up is don on the washington redskins. -- "washington jo
, tax reform and tax incentives for charitable giving. back to the phones. jack in michigan, on our line for independence. go ahead, jack. caller: i want to ask mr. rosenberg if he has ever heard of lincoln electric in cleveland, ohio. host: and why did he wanted to know that? caller: well, they wrote a book, james f. lincoln wrote a book, a new approach to industrial economics where they have no unions. everybody is responsible for their own work. they do peace work. everybody's responsible....
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Dec 23, 2012
12/12
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snow across the panhandle of taxes and oklahoma. snow in oklahoma and we'll watch this potentially be a major weather maker wednesday and thursday across the northeast. so if you've -- pretty good travel conditions to get to your destination for christmas. getting home from christmas might be a different story wednesday and thursday from this storm. >> weather 8, how many of these fancy map things do you have? >> not enough. let me tell you, but we've got five different systems we run the maps on and sometimes the wrong one gets plugged in. >> i see you studying this stuff all the time. thanks a lot. >>> the clock ticking down. can you believe it's nine days until spending cuts and tax hikes kick in for all of us? the president is standing firm on fiscal cliff negotiations and so much is at stake. why can't both sides reach a compromise? >> charlie, how are you? >> fine, good to be with you. >> great to have you here. good morning. look, they don't seem closer. everybody says they're compromising. i'm curious, do you feel from the p
snow across the panhandle of taxes and oklahoma. snow in oklahoma and we'll watch this potentially be a major weather maker wednesday and thursday across the northeast. so if you've -- pretty good travel conditions to get to your destination for christmas. getting home from christmas might be a different story wednesday and thursday from this storm. >> weather 8, how many of these fancy map things do you have? >> not enough. let me tell you, but we've got five different systems we...
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Dec 28, 2012
12/12
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WMAR
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we're at the point in four days every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do for our economy. it would be bad for middle class families and it would be bad for businesses that depend on family spending. fortunately, congress can prevent it from happening, if they act right now. i just will a good and constructive discussion about how to prevent this tax hike on the middle class. i'm optimistic we may be able to reach pan agreement that will pass both houses in time. senators reid and mcchon nell are work -- mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a blase sick package for an up or down vote, one that protects the middle class from an income tax high, extends the vital lifeline of pun insured been fits and a plan for an economic growth and deficit reduction. >> that was president obama talking with four days left in
we're at the point in four days every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do for our economy. it would be bad for middle class families and it would be bad for businesses that depend on family spending. fortunately, congress can prevent it from happening, if they act right now. i just will a good and constructive discussion about how to prevent this tax hike on the middle class. i'm...
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Dec 29, 2012
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as the guy that is the tax cutter. has he tored in the republicans -- factored in the republicans have control of the budget with the debt ceiling? >> i think the president is beginning to see the long-term consequences if we do increase taxes. we maybe ought to do a little celebrating here. democrats are now on board that 98% of bush's tax cuts were a good thing for america and for the economy. let's at least chalk that up as a win. i agree with senator toomey, right now unfortunately only president obama is the one man that can sign a bill into law and without him agreeing to sign a bill everybody's taxes go up. we are in a position of how do we limit the damage and i think the best way of doing that is continue to talk about what we need to do is grow the economy and that is something president obama hasn't shown any interest in doing. certainly hasn't concentrated on it in his first term. >> sean: and senator toomey, it is a little frustrating as we watch this frankly reckless irresponsible political positioning go
as the guy that is the tax cutter. has he tored in the republicans -- factored in the republicans have control of the budget with the debt ceiling? >> i think the president is beginning to see the long-term consequences if we do increase taxes. we maybe ought to do a little celebrating here. democrats are now on board that 98% of bush's tax cuts were a good thing for america and for the economy. let's at least chalk that up as a win. i agree with senator toomey, right now unfortunately...
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Dec 29, 2012
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people dumped tax returns, pictures of old lovers and anything that wreaks of 2012. a giant shredder, a dumpster and a rubber mallet were on hand to help people complete their mission. the event really is to say good- bye to past worries and fears. >>> a california -- california fans of the 1950s, '60s and '70s have a new way to show it, on cars. the dmv will start selling replica license plate designs from those years and the plates aren't just for classic car owners. they can be ordered for any type of vehicle. >> you can have it on your prius, you can have it on your -- you know, your new camaro. you can have it on anything, right? >> that's cool. a new way for california to make money. the legacy license plates cost $50 whether you personalize them or not. they're available to preorder starting on january 1st. i like that good riddance day. >> you know, the first car i ever bought, my '64mgb which we used on "eye on the bay," i had it in high school and it still has the first license plates. >> really. >> it came with it. i didn't buy it when it was new. i just s
people dumped tax returns, pictures of old lovers and anything that wreaks of 2012. a giant shredder, a dumpster and a rubber mallet were on hand to help people complete their mission. the event really is to say good- bye to past worries and fears. >>> a california -- california fans of the 1950s, '60s and '70s have a new way to show it, on cars. the dmv will start selling replica license plate designs from those years and the plates aren't just for classic car owners. they can be...
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Dec 23, 2012
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they would raise taxes on 11 million middle-class tax payers. there is silence, stone hearted silence on 2 million unemployed workers looking for work who would lose their insurance immediately on december 29. silence on the 27%. in a deeply cynical move, so cynical, the republicans have decided to offer another bill to put off some of the sequester. they pay for it how? deep and ugly cuts impacting seniors, kids. the republicans are tying themselves into knots. in doing so, they are tying into knots the chances for our nation not going over the cliff. vote no on these bills that take us backward, that undercut trust, that increase the chances of going over the fiscal cliff. this is not a plan. this is a ploy. >> i would like to inquire of my friend how many speakers she has remaining. it looks like a couple. i will reserve the balance of my time. >> i would be happy to tell you. four. >> the gem and reserves. >> thank you. three minutes right now. the gentleman from massachusetts. >> recognize for three minutes. >> thank you for the time. just
they would raise taxes on 11 million middle-class tax payers. there is silence, stone hearted silence on 2 million unemployed workers looking for work who would lose their insurance immediately on december 29. silence on the 27%. in a deeply cynical move, so cynical, the republicans have decided to offer another bill to put off some of the sequester. they pay for it how? deep and ugly cuts impacting seniors, kids. the republicans are tying themselves into knots. in doing so, they are tying into...
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Dec 28, 2012
12/12
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would pay more in payroll taxes. families making between 40 and $65,000 a year would pay an extra two grand or so to the government. gregg: the big question, do lawmakers hope to get anything out of the last minute fiscal cliff talks or is it just for show? democratic congressman chris van hollen is the ranking member of the house budget committee. he will be joining us live coming up in the next hour what he really thinks is going on. patti ann: well the u.s. economy meanwhile could suffer yet another major blow. looming strikes at ports from next sass to boston are threatening to put thousands of americans out of work. with potential losses for u.s. businesses ranging in the billions. >> the port of baltimore is one of maryland's largest economic generators. any type of work action that may result in a suspension or stoppage of work would have an adverse effect. >> we handle more cars, we handle more farm and construction equipment than any other u.s. port. patti ann: we're learning that adverse effect could take a
would pay more in payroll taxes. families making between 40 and $65,000 a year would pay an extra two grand or so to the government. gregg: the big question, do lawmakers hope to get anything out of the last minute fiscal cliff talks or is it just for show? democratic congressman chris van hollen is the ranking member of the house budget committee. he will be joining us live coming up in the next hour what he really thinks is going on. patti ann: well the u.s. economy meanwhile could suffer yet...
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Dec 30, 2012
12/12
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about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president. it's clear that the democrats are saying that the president is the one who won't -- you know, who doesn't want to put up a counteroffer. so we'll see. >> changes by the hour. >> candy crowley, thank you as always, we'll be in touch. >> all eyes continue to be in washington as the cliff gets closer, the president insists 0 a tax hike for the rich. but the republicans won't budge. something has got to give. a.b. stoddard weighs in. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and
about whether to raise taxes, tax rates on anybody. you're going to begin to see this conversation as the conversation moves forward. the rifts in the democratic party about what programs should be cut and what programs should be saved. and i think that's a little of what you're seeing now. i don't know if it's enough to sort of throw the whole deal out. i think only those folks -- you did hear the folks, senator mcconnell saying i've called my friend joe biden, can he get to the president....
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Dec 26, 2012
12/12
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the tax rate. no matter what it is on the rich or not on the rich will not solve the big huge impending doom. >> that's right exactly right. you said it. the latest proposal from the president, of course, did not have the kind of long and short-term and mid term spending reform that we need. the federal government right now is it as we all know, spending more than a trillion dollars year upon year since the president took office, more than a trillion over budget year upon year. that has to stop. >> and you are putting faith in harry reid to come back with some proposal that will meet that in the next six days? where are you? >>ist a good question. senator reid without the past two years has not worked in -- in any very productive way with the house majority. and we do in the house represent the american people, at least as much as the senate majority does and we do need to work together and you are right. we have had roadblocks and obstructions and ignoring the bills we sent over time and time agai
the tax rate. no matter what it is on the rich or not on the rich will not solve the big huge impending doom. >> that's right exactly right. you said it. the latest proposal from the president, of course, did not have the kind of long and short-term and mid term spending reform that we need. the federal government right now is it as we all know, spending more than a trillion dollars year upon year since the president took office, more than a trillion over budget year upon year. that has...
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Dec 29, 2012
12/12
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democrats will say they need that much in taxes, too. and because they've already raised rates, they got those middle class tax cuts extended, and the rich ones expired, they'll be open to do hitting through tax reform, which will be easier for republicans to swallow. let's say they do get the one to one match. that will be an $800 billion tax increase for a $1.4 trillion revenue increase in total. so democrats could easily end up when all of this is said and done with more revenue than president obama was asking for a week ago. and it will happen if it happens, because over and over and over and over again, john boehner and the house republicans could not take yes for an answer. they had to say no to this president. so they kept delaying until they were weaker. they pushed negotiations from 2011 where they were very strong, until 2012, right after the president had won re-election, and now they're pushing to 13, after the fiscal cliff hits and they get blamed. it is an odd way to negotiate. to get one republican view on what will come n
democrats will say they need that much in taxes, too. and because they've already raised rates, they got those middle class tax cuts extended, and the rich ones expired, they'll be open to do hitting through tax reform, which will be easier for republicans to swallow. let's say they do get the one to one match. that will be an $800 billion tax increase for a $1.4 trillion revenue increase in total. so democrats could easily end up when all of this is said and done with more revenue than...
SFGTV2: San Francisco Government Television
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Dec 29, 2012
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hunter: that sales tax counts for about a third of the revenue of the department right now. franklin: we got 75% of the voters to agree to tax themselves so that their children and their children's children could have clean water because we're investing in it now. hunter: there were no alternatives. the infrastructure was in dire straits. a lot of people didn't want to believe it had to be done, but it had to be done. what came out of those lawsuits by the upper chattahoochee river keeper were two consent decrees, focused on overflows. the intent is, city of atlanta, you need to keep the flows in the pipe. narrator: with the help of the funding the city raised, atlanta has been implementing an asset management plan that evaluates and addresses their infrastructure issues. hunter: it's a continuum. at one end, you have your regular maintenance that you do every day on the system, and at the other end, long-term planning so that every year we're repairing, replacing the right things, and we don't have to do it all at once, which is, quite frankly, what we're having to do in at
hunter: that sales tax counts for about a third of the revenue of the department right now. franklin: we got 75% of the voters to agree to tax themselves so that their children and their children's children could have clean water because we're investing in it now. hunter: there were no alternatives. the infrastructure was in dire straits. a lot of people didn't want to believe it had to be done, but it had to be done. what came out of those lawsuits by the upper chattahoochee river keeper were...
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Dec 30, 2012
12/12
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we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just about everywhere know that low capital gains tax rates are crucial for a growthof economy and entrepreneurship and high-technology industries. gerri: so what if we compare favorably with a lot of developed countries out there -- what would be the practical effect? >> it will slow the flow of venture capital and investment for high-technology companies. if you think about every major high-tech company like apple or microsoft or ebay or amazon, they were all nurtured by high income people putting money in early on to these startup companies. we dramatically cut the capital gains ta rate from 4
we have a current tax rate, 15%. on january 1, the capital gains tax ra will jump to 23.8%. i talked to a lot of my frien and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are oly 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just...
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Dec 29, 2012
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taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in fur years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in th
taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any...
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Dec 30, 2012
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that is tax cut over 250, it's a tax increase. senator mcconnell may be trying to move that to $400,000. >> arthel: and then the notion of lowering social security payments is definitely off the table in terms of democrats' side? >> it's clear from senator reid said, they are not going to touch social security. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have different ideas. they want to see more cuts in spending right now. >> arthel: thank you very much. >> gregg: congress is not only facing a fiscal cliff, it's up a dairy clarify, if you will. the current farm bill is set to expire on new year's day. if an extension of that is not passed, the farm policies would revert to laws back to 1949 and cost of milk, that could skyrocket. back then the government used a formula to calculate dairy prices that is much more expensive than it is today. one option said to be on the table is short term extension that woul
that is tax cut over 250, it's a tax increase. senator mcconnell may be trying to move that to $400,000. >> arthel: and then the notion of lowering social security payments is definitely off the table in terms of democrats' side? >> it's clear from senator reid said, they are not going to touch social security. but the president has made clear in discussions with speaker boehner, these entitlement programs will be on the table but only if it's a broader debt deal. republicans have...
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Dec 29, 2012
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that's an extra $900 before taxes. currently members of congress make $174,000 a year except for leaders who make a little more. the last time lawmakers got a pay raise was in 2009. >>> this morning, i want to tell you about the fact that we know the name of a man pushed to his death at a new york city subway station now. he's identified as 46-year-old dusend. a sketch of the suspect. she's described as a heavy set woman in her 20s who was wearing a ski jacket and sneakers. poppy harlow has more on the investigation for us. >> it was horrible. >> reporter: this man says he heard the final scream of the victim. james callanan's train was halted. >> they said last stop on the train, debris fell on the tracks. >> reporter: witnesses say the victim was standing on the edge of this subway platform in queens when a woman who was pacing and talking to herself pushed him on the tracks. surveillance footage captured this woman running from the station. police are searching for the woman they describe as heavy set in her 20s wea
that's an extra $900 before taxes. currently members of congress make $174,000 a year except for leaders who make a little more. the last time lawmakers got a pay raise was in 2009. >>> this morning, i want to tell you about the fact that we know the name of a man pushed to his death at a new york city subway station now. he's identified as 46-year-old dusend. a sketch of the suspect. she's described as a heavy set woman in her 20s who was wearing a ski jacket and sneakers. poppy...
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Dec 28, 2012
12/12
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WUSA
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taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last-minute. >> they're playing games with people's lives. and i don't mean that's correct. >> it's just unfortunate that at this point, the two sides can't come together because it's been like that for the last four or five years. >> reporter: two million americans will also lose jobless benefits on saturday if a deal isn't reached. and the nation's borrowing limits to finance our $16 trillion debt will also be reached on monday. danielle nottingham, cbs news, washington. >>> three new jersey police officers were shot and their police station this morning. the shooter domestic assault suspect got a gun and started firing. it happened in the township in camden county east of philadelphia. the gunman was shot and killed. the wounded officers are expected to recover. >>> also the second time this month, someone has been pushed to their death on new york's subway tracks. the nypd says that it was a woman who pushed the male
taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last-minute. >> they're playing games with people's lives. and i don't mean that's correct. >> it's just unfortunate that at this point, the two sides can't come together because it's been like that for the last four or five years. >> reporter: two million americans will also lose jobless benefits on saturday if a deal isn't reached. and the nation's...
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Dec 27, 2012
12/12
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FBC
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payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year of $6 billion yet again. can't keep up with social security. what is the longer-term impact of what is going on on these programs? >> we really do need to have a deal on a big problem, which is the national debt larger than the economy, driven by broken entitlement programs. medicare has a huge deficit, $300 billion every year. 10,000 new beneficiaries every day. medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: th
payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year...
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Dec 27, 2012
12/12
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republicans can vote for a tax cut. democrats are in a stronger position because they have more tax cuts that they want. i would get familiar with the phrase the last train leaving the station which is always the last bill coming off capitol hill before the session ends. this gets chalked up with a lot of stuff. it could even be monday. senate has a last train leaving the station. mcconnell decides not to block amendments, gets to the floor of the senate, gets to the floor, gets passed. i don't think it's unreasonable to think that can conceivably happen. >> mike, we don't have a lot of time, but do you see that as being reasonable that mcconnell would go down that route? >> mcconnell, i don't great with steve. i've had january 10th in the pool for quite some time as the day they come to an agreement. i think the question is will the republicans have any leverage at that point to get the spending cuts and entitlement reforms that were on the table before they're going to give up their leverage? and .i think they're goin
republicans can vote for a tax cut. democrats are in a stronger position because they have more tax cuts that they want. i would get familiar with the phrase the last train leaving the station which is always the last bill coming off capitol hill before the session ends. this gets chalked up with a lot of stuff. it could even be monday. senate has a last train leaving the station. mcconnell decides not to block amendments, gets to the floor of the senate, gets to the floor, gets passed. i don't...
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Dec 28, 2012
12/12
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that's just one day before the fiscal cliff deadline when income tax cuts and payroll tax cuts are set to expire, $110 billion worth of spending cuts kick in, and two million jobless americans lose their unemployment benefits. for the first time, leader reid said today that it looks like the nation is going to go over the fiscal cliff, but that may just have been bluster, jeff, to try to put more pressure on republicans. >> glor: so, nancy, the house coming back on sunday. is that a good sign? >> reporter: well, it is in the sense that if the senate does manage to pass something, the house would be here to vote on it, as well. originally, speaker boehner had told his members that he would give them 48 hours' notice if they were needed back here at the capitol, but there was a recognition, i think, that it just looked bad for the house to be gone when we were so close to the fiscal cliff deadline. >> glor: nancy cordes, thank you. major garrett has been following developments at the white house. major, what is the president's next move? >> reporter: it is not a breakthrough but it is a
that's just one day before the fiscal cliff deadline when income tax cuts and payroll tax cuts are set to expire, $110 billion worth of spending cuts kick in, and two million jobless americans lose their unemployment benefits. for the first time, leader reid said today that it looks like the nation is going to go over the fiscal cliff, but that may just have been bluster, jeff, to try to put more pressure on republicans. >> glor: so, nancy, the house coming back on sunday. is that a good...
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Dec 28, 2012
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on estate tax alone as of tuesday, the estate tax she thresholds go from 5,000 exclusion to 30% tax rate. to $1 million and 50% tax rate who can do estate planning. >> and neither side can make any headway. over and over again. you ask the one side, say democrats. if the republicans gave you everything you wanted on tax hikes, do you could any entitlement reform? and the vast majority said no. and you turn to republicans, what if they embraced representative ryan's plans? would you raise taxes on anybody and a lot of them say no. so neither side will give that little bit that we know each side has to have because they want to have something, what do you get? i don't see how harry reid who hasn't passed a budget in years manages to come up with something by sunday night. >> we look at how monday will turn out. a lot of developments over the weekend will determine that. guys, it's not going to be an easy open, that's for sure, on monday. >> i'm wondering what it will look like. at the same time, when you ask the question, maybe it's better -- it's a bad deal worse than no deal? president o
on estate tax alone as of tuesday, the estate tax she thresholds go from 5,000 exclusion to 30% tax rate. to $1 million and 50% tax rate who can do estate planning. >> and neither side can make any headway. over and over again. you ask the one side, say democrats. if the republicans gave you everything you wanted on tax hikes, do you could any entitlement reform? and the vast majority said no. and you turn to republicans, what if they embraced representative ryan's plans? would you raise...
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Dec 27, 2012
12/12
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WBAL
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harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set up a situation where you can deal with a larger situation. >> without a deal, bush-era tax cuts will expire january 1 and spending cuts will set in. counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about to hit its debt limit and needs to act fast. in washington, danielle leigh, nbc news. >> as we head to the new year, a number of new laws are set to effect here in maryland. one allowing gay couples to marry as of january 1. another new law states baltimore city elections will be held on the same cycle as the presidential election, meaning officials will get an extra year in office. as of january 1, a parent or guardian will have the right to free credit reports to protect kids and disabled adults from identity theft. it is hoped it will protect foster children, who are especially vulnerable. >> we are hop
harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set up a situation where you can deal with a larger situation. >> without a deal, bush-era tax cuts will expire january 1 and spending cuts will set in. counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about...
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Dec 29, 2012
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another tax you'll see rise is the estate tax. cbs reporter john blackstone shows us how tumbling off the fiscal cliff could destroy the legacy of a napa valley vineyard. >> reporter: when his great grandfather started farming her in the late 1800s... >> they farmed orchard fruit and cattle. >> reporter: but much of the land he grew up on is gone, sold, to pay estate taxes after his grandfather's death. >> had to sell all of it. >> estate taxes? >> yes. >> reporter: his grandfather died in 1972 when estate taxes were at an all-time high, 77%. >> it was a big tax bill. it was, you know, half a million dollars. we sold off 150 acres. it gave us something to pay the tax with. >> reporter: now, jeff and his wife marry worry their dream of passing the land on to their two daughters will be ruined by the fiscal cliff. the estate tax rate would rise from 35 to 55% on estates worth over $1 million. at today's prices in the napa valley, the land could easily be worth $8 million. >> you're wealthy, but it's all in the dirt. we're dirt rich,
another tax you'll see rise is the estate tax. cbs reporter john blackstone shows us how tumbling off the fiscal cliff could destroy the legacy of a napa valley vineyard. >> reporter: when his great grandfather started farming her in the late 1800s... >> they farmed orchard fruit and cattle. >> reporter: but much of the land he grew up on is gone, sold, to pay estate taxes after his grandfather's death. >> had to sell all of it. >> estate taxes? >> yes....
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Dec 29, 2012
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one that protects the middle class from a tax hike. >> reporter: following the high stakes meeting on friday, senate appears to be poise. >> we will work hard to see if we can get there in the next 24 hours. i am hopeful and optimistic. >> i will do everything that i can. i am confident senator will do the same. but everybody, whatever we come up with will be imperfect. some people aren't going to like it. some people will like it less but that is where we are. >> reporter: accept at majority leader reid called senate not to meet on saturday while leaders negotiate. boehner said he will not bring anything in the house unless it passes senate. if it fails to pass, every american will see a tax rate increase and unemployment benefits will go away. >> ordinary people do their jobs, meet deadlines, they sit down and discuss things and then things happen. if there are disagreements they sort through the disagreements. the in addition that our elected leadership can not do the same thing is mind boggling to them. and it needs to stop. >> reporter: in washington,. >>> on wall street, stocks
one that protects the middle class from a tax hike. >> reporter: following the high stakes meeting on friday, senate appears to be poise. >> we will work hard to see if we can get there in the next 24 hours. i am hopeful and optimistic. >> i will do everything that i can. i am confident senator will do the same. but everybody, whatever we come up with will be imperfect. some people aren't going to like it. some people will like it less but that is where we are. >>...